Rio de Janeiro To allow Its citizens to Pay Tax in Crypto

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As per bloomberg report, The second-largest Brazilian city - Rio de Janeiro will make it possible to pay property taxes with cryptocurrencies starting from 2023.

Rio de Janeiro Mayor Eduardo Paes had plans to offer an additional discount to those residents who pay their taxes with cryptocurrencies.

The city will hire several companies for converting cryptocurrencies into the Brazilian real.

As  Rio de Janeiro is known for tourism , the city also plans to develop its own collection of non-fungible tokens that will feature images of most famous tourist spots.

Pedro Paulo, the city’s secretary of finance and planning Said : The goal is to stimulate tourism and incentivize local artists with the help of NFTs.